Senior citizens to avail 50% tax rebate in payable income

[Lahore_Real_Estate]

ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced that senior citizens over the age of 60 years are entitled to claim 50 percent rebate in the payment of tax outstanding against them. The FBR has clarified that this facility is available to all senior citizens under section 53(1) c and clause 1A of Part-III of the second schedule of the Income Tax Ordinance, 2001, which clearly provides that “where the taxable income, in a tax year, of a taxpayer aged 60 years or more, his tax liability on such income shall be reduced by 50 percent”. The facility is also available in case a tax has already been paid at any stage by senior citizens who can claim the refund while filing their annual tax returns. staff report